Nigeria, May 12 -- According to the most recent data published by the Central Bank of Nigeria, the local currency dropped from its previous closing rate of N1,364/$ as investors responded warily to growing geopolitical risks and higher global demand for the U.S. dollar.



The News Chronicle reports that the pressure on the naira comes at a time when crude oil prices are rising once more, with Brent crude trading at more than $104 per barrel. Analysts claim that while rising oil prices could boost Nigeria's foreign exchange earnings, they could also exacerbate inflation and increase pressure on local energy costs.



There was little trading activity in the official market throughout the session, with the naira fluctuating between N1,3...